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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net income $ 12,836 $ 30,054
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 61,022 60,246
Amortization of debt costs, discounts and premiums 1,426 1,328
Equity-based compensation expense (net of amounts capitalized) 17,679 13,520
Loss on debt extinguishment and redemption - 2021 Notes 638  
Unrealized losses (gains) on foreign exchange 17,281 (6,305)
Realized foreign exchange gain on issuance on 2024 Euro Notes (2,547)  
Gains - equipment transactions and other, net 80 (131)
Deferred income taxes 2,100 9,285
Changes in operating assets and liabilities:    
Accounts receivable (1,102) (43)
Prepaid expenses and other current assets (3,253) (4,862)
Accounts payable, accrued liabilities and other long-term liabilities (2,783) 1,350
Deposits and other assets (628) (1,730)
Net cash provided by operating activities 102,749 102,712
Cash flows from investing activities:    
Purchases of property and equipment (40,092) (37,059)
Net cash used in investing activities (40,092) (37,059)
Cash flows from financing activities:    
Dividends paid (94,952) (82,871)
Purchases of common stock (270)  
Redemption and extinguishment of 2021 Notes (189,225)  
Net proceeds from issuance of senior unsecured 2024 Euro Notes - net of debt costs of $2,137 and $1,556, respectively 240,285 152,128
Principal payments on installment payment agreement (7,855) (7,348)
Principal payments of finance lease obligations (19,392) (7,035)
Proceeds from exercises of stock options 1,175 1,270
Net cash (used in) provided by financing activities (70,234) 56,144
Effect of exchange rates changes on cash 1,448 (1,619)
Net (decrease) increase in cash and cash equivalents (6,129) 120,178
Cash and cash equivalents, beginning of period 399,422 276,093
Cash and cash equivalents, end of period 393,293 396,271
Supplemental disclosure of non-cash investing and financing activities:    
Non-cash component of network equipment obtained in exchange transactions 310 771
PP&E obtained for installment payment agreement 5,771 8,945
Finance lease obligations incurred 61,504 11,342
Fair value of equipment acquired in leases $ 536 $ 1,207